Gold price: XAU up on safe-haven appeal amid Israel-Hamas war

Gold up on safe haven appeal as Israel retaliates after surprise Hamas attacks

The price of gold surged by 1% to reach $1,860 per ounce on Monday, extending gains from the previous session amid the ongoing war between Israel and the Palestinian militant group Hamas, which entered its third day and heightened geopolitical tensions in the Middle East.

Over the weekend, Hamas launched a surprise attack on Israel, triggering a series of retaliatory actions from the latter and resulting in a combined death toll exceeding 1,000 on both sides. On Sunday, Israel declared a formal state of war for the first time since 1973, setting the stage for a major military operation in the Gaza Strip.

Investors were also concerned about the potential for a broader conflict, with suspicions of Iranian involvement in the attacks. According to both Hamas and Hezbollah, Iran helped plan the attack, according to a report in The Wall Street Journal. However, according to a Monday report from the Times of Israel, “the IDF also said there was no evidence yet of Iran’s role.”

Despite a stronger-than-expected U.S. jobs report on Friday, gold managed to mount a solid comeback and rise by 0.7% as the dollar retreated on the day after showing short-lived gains.

अपने कमोडिटी लाभ की गणना करें

किसी कमोडिटी स्थिति के लिए तब अपने अनुमानित अपेक्षित मार्जिन की गणना करें, यदि आपने इसे अभी खोला है.

श्रेणी

धातुएं

धातुएं

ऊर्जा

सॉफ्ट्स

Commodities

लिखत

प्रवेश मूल्य

निकास मूल्य

प्रारंभ होने की तारीख

समाप्त होने की तारीख

अकाउंट का प्रकार

रिटेल पेशेवर

दिशा

बेचें खरीदें

मात्रा

राशि इसके बराबर या इससे अधिक अवश्य होनी चाहिए:

राशि इससे कम होनी चाहिए:

राशि न्यूनतम लॉट्स वृद्धि का गुणक होनी चाहिए

गणना करें

USD

USD

EUR

GBP

CAD

AUD

CHF

ZAR

MXN

JPY

स्प्रेड

-

रूपांतरण शुल्क

$-

ओवरनाइट अदल-बदल

$-

कमीशन

$-

P/L

$-

"प्रतीक मुद्रा में प्रदर्शित किया जाता है"

P/L

$-

"अकाउंट मुद्रा में प्रदर्शित किया जाता है"

मौजूदा रूपांतरण मूल्य:

-

ट्रेडिंग शुरू करें

पिछला प्रदर्शन भविष्य के परिणामों के लिए विश्वसनीय संकेतक नहीं है।

Gold price forecast: Boost may be temporary as markets sensitive to news of wider conflict

As the metal is viewed as a safe-haven asset by some investors during periods of geopolitical turmoil, the short-term gold price dynamics will likely be positive, as noted by Norbert Ruecker, head economics and next generation research at Julius Baer, told the Wall Street Journal:

According to Ruecker, the key question is how long these haven flows will last with the conflict escalating:

Peter Schaffrik, chief European macro strategist at RBC Capital Markets, issued a similar gold price overview, saying that for a broader or lasting impact on markets — including commodities such as gold — the conflict would likely need to escalate beyond Israel's borders:

A recent survey by Kitco indicated that Wall Street analysts and retail investors were evenly split on gold’s prospects — although those projections and opinions will now likely be adjusted given the Hamas attack on October 7.

The gold price forecast shared by economic data aggregator TradingEconomics saw the commodity trading at a potential average of $1,853.05 by the end of this quarter. The platform’s 12-month gold projection estimated it to trade at $1,916.63 by early October 2024, indicating a potentially bullish outlook.

When considering gold and other commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss. Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.